BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals.

United Kingdom

By clicking your investor type you agree to the Definitions, Terms & Conditions & Privacy below. Please note that the privacy policy includes important information on the use of cookies on our websites, to which you agree by clicking above. If you are unsure as to the terminology of investor types please read the ‘Detailed explanation of investor types’ shown below

An individual investor, also known as a retail client, is a client organisation or individual who cannot meet both (i) one or more of the professional client criteria laid down in Annex II to the Markets in Financial Instruments Directive (Directive 2004/39/EC), and (ii) one or more of the qualified investor criteria set out in Article 2 of the Prospectus Directive (Directive 2003/71/EC).

On this website, Intermediaries & Institutions are investors that qualify as both a Professional Client and a Qualified Investor.

In summary a person who can both be classified as a professional client under the Markets in Financial Instruments Directive and a qualified investor in accordance with the Prospectus Directive will generally need to meet one or more of the following requirements:

(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:

(a) a credit institution;(b) an investment firm;(c) any other authorised or regulated financial institution;(d) an insurance company;(e) a collective investment scheme or the management company of such a scheme;(f) a pension fund or the management company of a pension fund;(g) a commodity or commodity derivatives dealer;(h) a local(i) any other institutional investor;

(2) a large undertaking that meets two of the following tests: (i) a balance sheet total of EUR 43,000,000; (ii) an annual net turnover of EUR 50,000,000; (iii) an average number of employees during the year of 250

(3) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECB, the EIB) or another similar international organisation.

(4) a natural person resident in an EEA State that permits the authorisation of natural persons as qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500.000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the Markets in Financial Instruments Directive and classed as a qualified investor under the Prospectus Directive then you should seek independent advice.

These terms and conditions govern your use of this website (www.ishares.com). By accessing this website, you agree that you have read and accept these terms and conditions. If you do not wish to be bound by these terms and conditions, please leave this website.

Access to information displayed on this website may be restricted to certain persons in certain countries. Various iShares products shown on this website have been registered or authorised in different countries and as such are authorised for public offering (to retail and professional clients as defined under the Markets in Financial Instruments Directive (as amended) (“MiFID”) and to qualified investors as defined under the Prospectus Directive (as amended)) in such countries. In countries where one or more iShares products are not registered or authorised for public offering, retail investors may not access information on such iShares products but certain information may be shown to certain types of professional clients and qualified investors, depending on the country concerned. BlackRock Advisors (UK) Limited (“BAUL”) does not intend information concerning iShares products to be shown to any persons and/or entities who are prohibited from seeing such information by their country of residence, domicile and/or incorporation (as applicable). Users of this website must ensure that they are legally permitted to log on to this website in the country where they do so. Users are also responsible for ensuring that their declarations regarding their countries of residence, domicile and/or incorporation when accessing this website are accurate.

This website is owned and operated by BAUL. The content is provided and managed by BAUL and other companies within its group that are direct and indirect subsidiaries of BlackRock, Inc., (which include the investment manager, trustee and/or adviser of the iShares products (as the case may be) described below in the section titled “iShares Products”, (together “BlackRock”).

This website has been issued for access in the United Kingdom ("UK") by BAUL, which is authorised and regulated by the Financial Conduct Authority in the UK, registered address 25 The North Colonnade, Canary Wharf, London E14 5HS, UK. BAUL is a company registered in England and Wales under company number 00796793, registered address 12 Throgmorton Avenue, London EC2N 2DL, United Kingdom, and registered in the UK with HM Revenue and Customs for the payment of VAT, number 243852262.

iShares products

The iShares products mentioned within this website fall into the following categories:

Communicating with BAUL

Information about BAUL and iShares Products can be found on this website. Additionally you may contact BAUL by phone, post or email (info@ishares.co.uk) for further information about the iShares Products. BAUL will communicate with you in English and all the documents and information about BAUL and the iShares Products which are registered and listed in the UK are available in the English language.

Registrations and Listings

This website indicates in which countries the iShares products are registered or authorised for public distribution and on which principal European stock exchanges the iShares products domiciled in Europe are also listed. The iShares funds domiciled in the US are registered and listed on stock exchanges in the USA only.

For UK investors

Most of the protections provided by the UK regulatory system do not apply to the operation of the iShares products and compensation will not be available under the UK Financial Services Compensation Scheme in the event of their default.

Selling Restrictions

The iShares products are not offered or aimed at residents in any country in which (a) the iShares products are not authorised or registered for distribution and where to do so is contrary to the relevant country's securities laws, (b) the dissemination of information on the iShares products via the Internet is forbidden, and/or BAUL is not authorised or qualified to make such offer or invitation. This website and the information provided on this website should not be construed as an advertisement, an offer to sell, or a solicitation of an offer to buy any securities in the iShares products mentioned in this website, nor shall any such securities be offered or sold, in any country in which to do so is contrary to that country's securities laws.

Specifically, the securities of the iShares products domiciled in Ireland, Germany Switzerland and Luxembourg have not been, and will not be registered under the Securities Act of 1933 of the USA (the “1933 Act”) or the securities laws of any of the states of the United States. Such securities may not be offered or sold directly or indirectly in the United States or for the account or benefit of any US Person, except pursuant to an exemption from, or in a transaction not subject to the regulatory requirement of the 1933 Act and any applicable state securities laws. Any re-offer or resale of any of the securities in the United States or to US Persons may constitute a violation of US law. “US Person” means any person or entity deemed by the US Securities Exchange Commission from time to time to be a “U.S. Person” under Rule 902(k) of the 1933 Act or other person or entity as the directors of the iShares Products (or their umbrella companies or managers) may determine. Securities of the iShares products domiciled in Ireland, Germany Switzerland and Luxembourg may not, except pursuant to a relevant exemption, be acquired or owned by, or acquired with the assets of an ERISA Plan. An “ERISA Plan” is defined as (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended (ERISA); or, (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue code of 1986, as amended.

Additionally, securities of the iShares products domiciled in Ireland, Germany, Switzerland and Luxembourg may not, except pursuant to an exemption from, or in a transaction not subject to the regulatory requirements of, the Investment Company Act of 1940 of the USA, as amended (the "1940 Act"), or the US Commodity Exchange Act, as amended (the "CEA"), as the case may be, be acquired by a person who is deemed to be a US Person under the 1940 Act and regulations thereunder or a person who is deemed to be a US Person under the CEA and regulations thereunder.

The iShares products domiciled in Ireland, Germany Switzerland and Luxembourg have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for any iShares product domiciled in Ireland, Germany, Switzerland or Luxembourg has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website is not, and under no circumstances is to be construed, as an advertisement or any other step in furtherance of a public offering of securities in Canada. No person resident in Canada for the purposes of Canadian income tax legislation may purchase or accept a transfer of securities of any iShares product domiciled in Ireland, Germany, Switzerland or Luxembourg unless he or she is eligible to do so under applicable Canadian or provincial laws.

Users of this website are required to notify BAUL immediately by email if any information which a user is able to access on this website would cause the user, BlackRock or any iShares product to be in breach of applicable laws or regulations. In such event, the user shall (a) stop accessing this website, (b) destroy immediately any such information (and all copies) which has been downloaded or printed by the user from this website, (c) disregard such information, and (d) treat such information as confidential and not disseminate it.

Risk Warnings

Investment Risks

iShares products may not be suitable for all investors and BlackRock does not guarantee the performance of the iShares products. Past performance is not a reliable indicator of future results. The value and price of securities (which may trade in limited markets) of the iShares products and the income from them may fall as well as rise and an investor may not recover the full amount invested. An investor’s income from iShares products is not necessarily fixed and may fluctuate. Where an investor invests in an iShares product denominated in a currency other than that of the country in which the investor is resident, the return to the investor may increase or decrease as a result of currency fluctuations.

Any projections or examples (including calculations used therein) set out in this website are for illustrative purposes only and are not guaranteed to be accurate, complete or up to date.

Tax levels, the tax status of the iShares products, the taxation of investors and any tax reliefs may change from time to time. Any change in the taxation legislation in any jurisdiction where an iShares product is registered, cross-listed, marketed or invested could affect the tax status of the iShares product, affect the value of the relevant iShares product’s investments in the affected jurisdiction, affect the relevant iShares product’s ability to achieve its investment objective, and/or alter the post tax returns to investors. The availability and value of any tax reliefs available to investors depend on the individual circumstances of investors. Any tax-related information in this website is not exhaustive and does not constitute legal or tax advice. Prospective investors are urged to consult their tax advisors with respect to their particular tax situations and the tax effects of an investment in the iShares products.

Important information about iShares products is contained in the relevant prospectuses of the iShares products, copies of which can be obtained on this website or from your broker or financial adviser. Please refer to the iShares products’ prospectuses for a full description of the risks of investing in the products.Securities of iShares products may be purchased or sold throughout the day on one or more stock exchanges (secondary market) through an authorised intermediary. Securities of iShares products may only be subscribed or redeemed directly with the relevant iShares product (primary market) by authorised participants in very large creation / redemption sizes.

When making an investment in an iShares product, you are buying securities issued by a company that will be listed on one or more stock exchanges. The price of the securities will be determined by supply and demand. Such price will not necessarily be the same as the value per security of that iShares product’s assets. At any time the security price may be at a discount or premium to the asset value. However, because of the exchange traded structure, it is expected that a significant discount or premium of price to asset value will not be sustainable over the long term.

Affiliated companies of BAUL may make markets in the securities of the iShares products. Further, BlackRock, its employees and other funds managed by BlackRock may from time to time acquire or hold securities or holdings in the underlying securities of, or options on, any security of the iShares products and may as principal or agent buy or sell securities.

In respect of the iShares Products mentioned herein, they are intended for information purposes only and do not constitute investment advice or a personal recommendation or an offer to sell or a solicitation of an offer to buy these iShares products.

Exchange Traded Funds (ETFs)

The capital return and income of each iShares fund are based on the capital appreciation and income on the securities it holds, less expenses incurred. Therefore, each iShares fund’s return may be expected to fluctuate in response to changes in such capital appreciation or income. Additionally, the securities in an equity benchmark index may under-perform fixed income investments and stock market investments that track other markets, segments or sectors different to that of an iShares fund. As foreign exchanges can be open on days when shares in an iShares fund are not priced, the value of the securities in an iShares fund’s portfolio may change on days when shareholders will not be able to purchase or sell an iShares fund’s shares.

Certain iShares funds may use derivatives, details of which will be set out in the relevant prospectuses. The use of derivatives involves special risks and the iShares funds may be exposed to credit risk with regard to parties with whom it trades.

An investment in an iShares fund often involves investing in international markets. In addition to the normal risks associated with investing, international investments involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. The value of investments in iShares funds investing in economies and markets which may be less developed than more established economies (including emerging markets), may be subject to greater volatility due to increased uncertainty as to how these markets operate and the possibility of lower trading volumes.

Exchange Traded Commodities (ETCs)

iShares Physical ETCs are exchange traded commodities and are neither fund nor exchange traded funds. The iShares Physical ETCs are series of secured metal-linked securities issued in the form of debt securities. Unlike the iShares funds domiciled in Ireland which issue shares, the securities of all iShares Physical ETCs are issued in the form of debt securities which are listed and traded as non-equity securities.

Precious metal prices are generally more volatile than most other asset classes, making investment riskier and more complex than other investments. In addition, iShares Physical ETCs are limited recourse obligations which are payable solely out of the underlying secured property. If the secured property is insufficient, any outstanding claims will remain unpaid.

Investment Advice

The content of this website is general in nature and is meant to inform investors, potential investors and their professional intermediaries of the existence of, and potential benefits of investing in, iShares products. However, this website is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations (personal recommendations or otherwise) about the suitability of iShares products for the circumstances of any particular investor. If you do require investment advice, please contact an independent broker or financial adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Intellectual Property Rights

iShares®andBlackRock®are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere.

BLACKROCK, BLACKROCK SOLUTIONS, ALADDIN, iSHARES, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Copyright, trademark and other forms of proprietary rights protect the content of this website. All content is owned or controlled by BAUL or the party credited as the provider of the content. Except as expressly provided herein, nothing in this website should be considered as granting any licence or right under any copyright, patent or trademark or other intellectual property rights of BlackRock or any third party. Any copying of information or data, especially the use of texts and graphics requires the prior approval of BAUL or the party credited as the provider of the content.

SEDOL™ codes displayed on this website (a) remain the intellectual property of the London Stock Exchange plc and are published by BAUL under licence and (b) may not be redistributed by any persons accessing this website, unless such persons have obtained the prior written consent of the London Stock Exchange plc. SEDOL™ and SEDOL Masterfile™ are trademarks of the London Stock Exchange plc and are used under licence.

Content and Use of this Website

This website is for your personal and internal use and is not to be used for any commercial purposes (whether or not for profit) unless and to the extent you are a financial adviser seeking information about iShares products for your clients.

As a user, you may not sell, copy, publish, distribute, transfer, modify, display, reproduce, and/or create any derivative works from the information or software on this website. You may not redeliver any of the pages, text, images, or content of this website using "framing" or similar technology. You acknowledge that you have no right to use the content of this website in any other manner.

The contents of this website, including text, graphics, links and/or other items, have been prepared based upon sources, materials, and systems believed to be reliable and accurate, and are provided to you on an "as is" and "as available" basis.

BlackRock makes no representations, and disclaims all, express, implied and statutory warranties of any kind to you or any third party, including, but not limited to, representations, and warranties regarding accuracy, timeliness, completeness, merchantability, fitness for any particular purpose, non-infringement of third-party rights, and/or freedom from computer viruses.

Links to other websites are provided for your convenience, and are not to be construed as an endorsement by BlackRock of such websites, their content, products and/or services, or vice versa. BlackRock accepts no responsibility for any of the content (regardless of what form this content is in) and the use of such third party websites is at your own risk. BlackRock does not guarantee that any of the links are operational, and does not assume any responsibility for the consequences of any errors or omissions as a result of using these links.

Internet software or transmission problems may produce inaccurate or incomplete copies of information and materials that may be downloaded and displayed on a user computer. BlackRock is not liable for any errors, changes, or omissions that occur during transmission or downloading of information and materials.

Although BlackRock endeavours to update and ensure the accuracy of the content placed on this website, BlackRock does not warrant or guarantee the accuracy or correctness of it or of any other content, materials and/or offers placed on, featured or referred to in or made available by means of this website. Despite the exercise of all due care, some information on this website may have changed since the last update. BlackRock also does not warrant or guarantee that this website, its operation of this website, the content of this website or the server that makes the website available are error or virus free or free of other harmful components or that your use of this website and its content will be uninterrupted.

Exclusion of Liability

In no event shall BlackRock be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this website or the use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if BlackRock, or representatives thereof, are advised of the possibility of such damages, losses or expenses. BlackRock does not limit or exclude liability for death or personal injury resulting from its negligence or where this would be prohibited by law (including the Rules of the UK Financial Conduct Authority). Use of hyperlinks to other internet resources is at your own risk.If you are dissatisfied with the website or its content please contact BAUL on 0845 357 7000, but in any event your exclusive remedy is to discontinue your use of the website and such content.

Claims Concerning Your Use Of Our Website

Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock in or as a consequence of your breach or non-observance of these terms and conditions and/or your improper use of this website.Neither party shall be liable to the other, for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

Privacy

If you provide BAUL with personal information through this website, BAUL will treat it in accordance with its privacy policy which can be found at privacy policy. The internet is not a fully secure medium, and whilst BlackRock will endeavour to secure any private and confidential information sent to BlackRock, the confidentiality and privacy of such information sent through the internet cannot be guaranteed.

Anti Money Laundering

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the prospectuses or other constitutional documents of the relevant iShares Products.

Telephone Calls

For training, quality and verification purposes, telephone calls are usually recorded.

Regulatory Information

BlackRock Advisors (UK) Limited, which is authorised and regulated by the Financial Conduct Authority ('FCA'), registered office at 12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000. For your protection, calls are usually recorded. iShares plc, iShares II plc, iShares III plc, iShares IV plc, iShares V plc, iShares VI plc and iShares VII plc (together 'the Companies') are open-ended investment companies with variable capital having segregated liability between their funds organised under the laws of Ireland and authorised by the Central Bank of Ireland. The German domiciled funds are "undertakings for collective investment in transferable securities" in conformity with the directives within the meaning of the German Law on the investments. These funds are managed by BlackRock Asset Management Deutschland AG which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. iShares ETF (CH) and iShares ETF II (CH) are umbrella funds established under the Swiss Collective Investment Schemes Act (CISA) of June 23, 2006, as amended, and are divided into sub-funds. The funds are regulated by the Swiss Financial Market Supervisory Authority (“FINMA”).

iShares (Lux) is an undertaking for collective investment in transferable securities in the form of a common fund (“fonds commun de placement”) subject to Part I of the Law of 17 December 2010 on undertakings for collective investment in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.

For investors in the UK

The iShares Physical Metals plc prospectus has been drawn up in accordance with the Prospectus Directive 2003/71/EC and approved by the United Kingdom Financial Conduct Authority (“FCA”). The prospectus and additional information relating to the ETCs, including annual reports, are available on the iShares website atwww.ishares.com.

Restricted Investors

This document is not, and under no circumstances is to be construed as an advertisement or any other step in furtherance of a public offering of shares in the United States or Canada. This document is not aimed at persons who are resident in the United States, Canada or any province or territory thereof, where the companies/securities are not authorised or registered for distribution and where no prospectus has been filed with any securities commission or regulatory authority. The companies/securities may not be acquired or owned by, or acquired with the assets of, an ERISA Plan.

Risk Warnings

Investment in the products mentioned in this document may not be suitable for all investors and involve a significant degree of risk. Investors should read carefully and ensure they understand the Risk Factors in the Prospectus. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and the investor may not get back the amount invested. Your income is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. The securities are priced in US Dollars and the value of the investment in other currencies will be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change.

The securities issued by iShares Physical Metals plc are limited recourse obligations which are payable solely out of the underlying secured property. If the secured property is insufficient any outstanding claims will remain unpaid.

Precious metal prices are generally more volatile than most other asset classes, making investments riskier and more complex than other investments.

BlackRock have not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information, investment should be made on the basis of the relevant Prospectus which is available from your Broker, Financial Adviser or BlackRock Advisors (UK) Limited. We recommend you seek independent professional advice prior to investing.

In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. This document may not be distributed without authorisation from BlackRock Advisors (UK) Limited.

The “Dow Jones Sustainability World Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments, Firearms and Adult Entertainment SM and Dow Jones Sustainability Europe Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments, Firearms and Adult Entertainment SM" is a joint product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"), and SAM Indexes GmbH (“SAM”), and has been licensed for use. "Dow Jones®", "[DJSI Index]SM" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed for use for certain purposes by BlackRock Advisors (UK) Limited. Dow Jones, CME Indexes, SAM and their respective affiliates have no relationship to [licensee], other than making of the “Dow Jones Sustainability World Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments, Firearms and Adult Entertainment SM and Dow Jones Sustainability Europe Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments, Firearms and Adult Entertainment SM"(the "Index") and their respective service marks available for use in connection with the iShares.

The Dow Jones-UBS Commodity IndexesSM are a joint product of Dow Jones Opco, LLC (“Dow Jones Opco”), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC (“UBS”), and have been licensed for use. Dow Jones® and DJ are trademarks of Dow Jones Trademark Holdings LLC. UBS® is a registered trademark of UBS AG. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC. BlackRock Asset Management Deutschland AG's iShares Dow Jones-UBS Commodity Swap UCITS ETF (DE) based on the 0, is not sponsored, endorsed, sold or promoted by Dow Jones, UBS, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, Dow Jones Opco or any of their respective affiliates, makes any representation regarding the advisability of investing in such product.

Euronext Indices B.V. has all proprietary rights with respect to the AEX-index® (the 'Index'). In no way Euronext Indices B.V. sponsors, endorses or is otherwise involved in the issue and offering of the product. Euronext Indices B.V. disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering thereof. 'AEX®' and 'AEX-index®' are registered trademarks of Euronext N.V. or its subsidiaries.

'FTSE®' is a trade mark jointly owned by the London Stock Exchange plc and the Financial Times Limited (the 'FT') and is used by FTSE International Limited ('FTSE') under licence. The FTSE BRIC 50 Index, FTSE China 25 Index, FTSE 100 Index, FTSE 250 Index, FTSE UK Dividend + Index, FTSE UK Conventional Gilts - Up To 5 Years Index and FTSE Actuaries Government Securities UK Gilts All Stocks Index are calculated by or on behalf of FTSE International Limited ('FTSE'). None of the Exchange, the FT nor FTSE sponsors, endorses or promotes iShares BRIC 50 UCITS ETF, iShares China Large Cap UCITS ETF, iShares FTSE 100 UCITS ETF (Acc), iShares FTSE 100 UCITS ETF (Inc), iShares FTSE 250 UCITS ETF, iShares UK Dividend UCITS ETF, iShares UK Gilts 0-5yr UCITS ETF and iShares UK Gilts UCITS ETF nor is in any way connected to the funds or accepts any liability in relation to their issue, operation and trading. All copyright and database rights within the index values and constituent list vest in FTSE. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright and database rights in the creation of these products.

The FTSE 100 is calculated by FTSE international Limited. FTSE does not sponsor, endorse or promote iShares FTSE 100 (DE). All copyright in the index values and constituent lists vests in FTSE. BlackRock Asset Management Deutschland AG has obtained full license from FTSE to use such copyright in the creation of this product. 'FTSETM' is a trade mark jointly owned by the London Stock Exchange Limited and The Financial Times Limited and is used by FTSE international Limited under license.

'FTSE®' is a trade mark of the London Stock Exchange plc and the Financial Times Limited, 'MIB' is a trade mark of Borsa Italiana SpA ('Borsa Italiana') and both are used by FTSE International Limited ('FTSE') under licence. The FTSE MIB Index is calculated by FTSE with the assistance of Borsa Italiana. Neither FTSE nor its licensors nor Borsa Italiana sponsor, endorse or promote the iShares FTSE MIB UCITS ETF (Acc) and iShares FTSE MIB UCITS ETF (Inc) and are not in any way connected to it and do not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vest in FTSE. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright in the creation of this product.

FTSE®' is a trade mark jointly owned by the London Stock Exchange plc and the Financial Times Limited (the 'FT'), 'NAREIT®' is a trade mark of the National Association of Real Estate Investment Trusts ('NAREIT') and 'EPRA®' is a trade mark of the European Public Real Estate Association ('EPRA') and all are used by FTSE under licence. The FTSE EPRA/NAREIT Developed Asia Dividend+ Index, FTSE EPRA/NAREIT Developed Dividend+ Index, FTSE EPRA/NAREIT Developed Europe ex UK Dividend+ Index, FTSE EPRA/NAREIT UK Index and FTSE EPRA/NAREIT United States Dividend + Index are calculated by FTSE International Limited ('FTSE'). None of the Exchange, the FT, FTSE, Euronext N.V., NAREIT nor EPRA sponsors, endorses or promotes iShares Asia Property Yield UCITS ETF, iShares Developed Markets Property Yield UCITS ETF, iShares European Property Yield UCITS ETF, iShares UK Property UCITS ETF and iShares US Property Yield UCITS ETF nor is in any way connected to the funds or accepts any liability in relation to their issue, operation and trading. All copyright and database rights within the index values and constituent list vest in FTSE, Euronext N.V., NAREIT and EPRA. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright and database rights in the creation of these products.

'FTSE®' is a trade mark jointly owned by the London Stock Exchange plc and the Financial Times Limited (the 'FT'). 'FTSEurofirst®' is a trademark jointly owned by FTSE International Limited ('FTSE') and Euronext N.V ('Euronext'). The FTSEurofirst 100 Index and FTSEurofirst 80 Index are compiled and calculated by or on behalf of FTSE. None of the Exchange, the FT, FTSE or Euronext sponsors, endorses or promotes iShares FTSEurofirst 100 UCITS ETF and iShares FTSEurofirst 80 UCITS ETF nor is in any way connected to the funds or accepts any liability in relation to their issue, operation and trading. All copyright and database rights within the index values and constituent list vest in FTSE and Euronext. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright and database rights in the creation of these products.

'FTSE®' is a trade mark jointly owned by the London Stock Exchange ('Exchange') and the Financial Times Limited ('FT'), 'Macquarie™' is a trade mark of Macquarie Bank Limited and its related entities and both marks are used by FTSE International Limited ('FTSE') under licence. None of FTSE, Macquarie, the Exchange nor the FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of FTSE, Macquarie, the Exchange nor FT shall be under any obligation to advise any person of any error therein. BlackRock Advisors (UK) Limited has obtained a licence from FTSE to use such copyrights and database rights in the creation of iShares FTSE/Macquarie Global Infrastructure 100.

"J.P. Morgan" and "J.P. Morgan EMBISM Global Core Index" are trademarks of JPMorgan Chase & Co. licensed for use for certain purposes by BlackRock Institutional Trust Company, N.A. ("BTC"). iShares® is a registered trademark of BTC.J.P. Morgan is the Index Provider for the Underlying Index. J.P. Morgan is not affiliated with the Fund, BFA, State Street, the Distributor or any of their respective affiliates.

Markit iBoxx is a registered trade mark of Markit Indices Limited and has been licensed for use by BlackRock Advisors (UK) Limited. Markit Indices Limited does not approve, endorse or recommend BlackRock Advisors (UK) Limited or iShares plc. This product is not sponsored, endorsed or sold by IIC and IIC makes no representation regarding the suitability of investing in this product.

The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar makes no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Morningstar Emerging Markets Corporate Bond Index (the “Index”) to track general stock market performance. Morningstar’s only relationship to the Company or to the BlackRock group is the licensing to the BlackRock group of certain trademarks and trade names of Morningstar and of the Index which is determined, composed and calculated by Morningstar without regard to the BlackRock group, the Company or the Fund. Morningstar has no obligation to take the needs of the BlackRock group or the owners of the shares of the Fund into consideration in determining, composing or calculating the Index. Morningstar is not responsible for and has not participated in the determination of the prices and amount of shares of the Fund, or the timing of the issuance or sale of such shares or in the determination or calculation of the equation by which shares of the Fund are to be converted into cash. Morningstar has no obligation or liability in connection with the administration, marketing or trading of shares of the Fund. Morningstar does not guarantee the accuracy or the completeness of the Index or any data included therein and Morningstar shall have no liability for any errors, omission, or interruptions therein.

Morningstar makes no warranty, express or implied, as to results to be obtained by the BlackRock group, owners of shares of the Fund or any other person or entity from the use of the Index or any data included therein. Morningstar makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall Morningstar have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) resulting from the use of the Index or any data included therein, even if notified of the possibility of such damages.

iShares funds are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or any index on which such funds are based. The Prospectus contains a more detailed description of the limited relationship that MSCI has with BlackRock Advisors (UK) Limited and any related funds.

Nasdaq®', 'Nasdaq-100®' and 'Nasdaq-100 Index®' are trademarks of the Nasdaq Stock Market Inc. (which with its affiliates is referred to as the 'Corporations') and are licensed for use by BlackRock Asset Management Deutschland AG. iShares NASDAQ-100® (DE) is not issued, endorsed, sold or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Product.

Nasdaq®, Nasdaq 100 is a registered trademark of the NASDAQ OMX Group, Inc. (referred to below as “corporation” jointly with its affiliates) and is licensed for use by BlackRock Fund Management Company (Ireland) Limited. The corporation bears no liability for the legality or suitability of the product. The product is not issued, subscribed, sold or promoted by the corporation. The corporation makes no warranties and bears no liability with respect to the product.

The Nikkei Stock Average is a copyrighted material, calculated by Nihon Keizai Shimbun, Inc. which is the sole exclusive owner of the copyright and other intellectual property rights in the Nikkei Stock Average itself and the methodology to calculate the Nikkei Stock Average. Nihon Keizai Shimbun, Inc. (Licensor) granted a license to the licensee to use the Nikkei Stock Average as a basis for the iShares Nikkei 225® (DE) ETF. The Licensor does not sponsor, support, sell or market the ETF and has – besides granting the license to the licensee – no connection with the ETF. The ETF is managed exclusively at the risk of the licensee and licensor shall assume no obligation or responsibility for its management and transactions on the ETF.

Nikkei 225 is protected by a copyright and is calculated according to criteria independently developed and created by Nikkei Inc. Nikkei Inc. is the only and exclusive owner of the copyrights and other intellectual property rights on Nikkei 225 and on the relevant calculation criteria. Nikkei Digital Media Inc., upon authorization of Nikkei Inc., licensed the use of Nikkei 225 as index for the fund to the licensee. The intellectual property and any other right related to the trademarks connected with Nikkei and Nikkei 225 are granted to Nikkei Inc. Nikkei Inc. and/or Nikkei Digital Media, Inc. do not sponsor, support, sell or advertise the fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. are not connected in any way with the fund and license the use of certain trademarks and of Nikkei 225 for the fund itself to the licensee. The licence agreement between Nikkei Digital Media, Inc. and the licensee grants no right to any third party. The fund is managed at the licensee’s exclusive risk; Nikkei Inc. and/or Nikkei Digital Media, Inc. assume no obligation or liability with respect to the management and transactions of the fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. bear no liability for the correctness of the fund’s calculations or relevant data. Nikkei Inc. and/or Nikkei Digital Media, Inc. have no obligation to continue to publish the Nikkei 225 and are not responsible for any errors, delays, interruptions, suspensions or termination of the relevant publication; Nikkei Inc. and Nikkei Digital Media, Inc. are authorized to change the description of securities, calculation criteria or any other detail of Nikkei 225 and have the right to interrupt or stop the announcement of Nikkei 225 with no responsibility towards the licensor or any third party.

The product is not sponsored, endorsed, sold or promoted by SIX Swiss Exchange Ltd and SIX Swiss Exchange Ltd makes no representation regarding the advisability of investing in the product. The SBI® is a registered trademark of SIX Swiss Exchange Ltd, and any use thereof requires a license.

iShares SMI (DE) is not sponsored, endorsed, sold or promoted by SIX Swiss Exchange and SIX Swiss Exchange makes no representation regarding the advisability of investing in the product. The SMI® is a registered trademark of the SIX Swiss Exchange, and any use thereof requires a license.

ATX®' (Austrian Traded Index®) is a registered trademark of Wiener Börse AG. The issuer has been granted a licence to use ATX® with regard to this issue. iShares ATX (DE) is not sponsored, recommended or marketed by Wiener Börse AG.

BlackRock reserves the right to vary these terms and conditions from time to time. You can access the latest version of the terms and conditions on this website.

Governing Law and Jurisdiction

These terms and conditions and your access to and use of this website and the content are subject to English law and the jurisdiction of the English courts.If any provision of these terms and conditions in judicial proceedings is held illegal or unenforceable, such provision shall be severed and shall be inoperative, and the remainder of these terms and conditions shall remain operative, in full force and effect and binding on you.

Summary

This Privacy Policy is designed to help you understand what information we gather about you, what we use that information for, and with whom we share that information. It also sets out your rights in relation to your information and whom you may contact for more information or queries. Click on the links below to take you to the more detailed sections of this Privacy Policy:

This privacy policy applies to each member of BlackRock’s group of companies (the “BlackRock Group”) and the entities we own or control (“BlackRock” or “we”, “us” or “our”). For more details on each of us (including our names, registered office addresses and contact details), please clickhere.

BlackRock recognizes the importance of protecting your personal and financial information and is committed to doing this. This Privacy Policy sets out how we collect, handle, store and protect information about you when:

• we provide products or services to you or our client;• you visit or use our Website; and/or• performing any other activities that form part of our business.

When we refer to “our Website” or “this Website” in this Privacy Policy, we mean the specific webpages of blackrock.com or ishares.com, and to specific webpages with a URL that begin with or contain blackrock.com/… or ishares.com/… .

BlackRock.com and iShares.com are comprised of various global, country or regional websites, each of which is provided by BlackRock.

This Privacy Policy also contains information about when we share your personal information with other members of the BlackRock Group and other third parties (for example, our service providers).

In this Privacy Policy, we may sometimes collectively refer to handling, collecting, protecting and storing your personal information as “processing” such personal information.

Other websites

Please note that other websites that may be linked to by this Website are not governed by this Privacy Policy. We encourage visitors to review the privacy policy on each of these other websites before disclosing any personal information.

What information we collect

In the course of providing products or services to you or our client and performing due diligence checks in connection with our products or services (or discussing the possible products or services we might provide), we generally collect personal information about you. We also typically collect personal information about you when you visit or use our Website.

We typically collect or obtain your personal information because you give it to us (for example, in a form on our Website) or because other people give that information to us (for example, third party service providers that we use to help operate our Website or your employer where it receives products or services from BlackRock). We may also collect or obtain personal information from you because we observe or infer that information about you from the way you interact with us. For example, if you use our risk management platform, Aladdin, we will generally collect information about you in order to communicate updates to Aladdin functionality and general information about Aladdin. In order to improve your experience when you use this Website and to ensure that it is functioning effectively, we (or our service providers) also use cookies (small text files stored in a user’s browser) and web beacons (small graphic images that are placed on a website and used to monitor a user’s interaction with that website) which may collect personal information.

Additional information on how we use cookies and other tracking technologies and how you can control these can be found in our Cookies Policy, which is included at the end of this document.

The personal information that we may collect depends on the specific services, activities or products we undertake but typically includes: your name; age; date of birth; gender; home address; email address; telephone number; other contact details; country of residence; passport number and other national ID numbers; employment details (for example, the organization you work for, your job title); family circumstances (for example, your marital status where you enter it in a form on our Website or it appears in any documentation you provide to us); financial and tax related information (for example, your income, assets and tax residency where you enter such information in a form on our Website or it appears in any documentation that you provide to us); details of how you use any product or service provided by BlackRock; postings on any blogs, forums, wikis, and any other social media applications and services that we provide; IP address; browser and device type; user name that is used by you for one of our products or services; language; access times and duration; details of how you like to use our Website or the interactive products, tools, other technology or services we provide to you or our clients; websites that you visited before and after visiting our Website; details of how you like to interact with us, and similar information.

The types of personal information and ‘sensitive’ or ‘special categories’ of personal information that we collect will generally vary depending on the nature of the products and services that we provide to you and how you use our Website. In some cases, the ‘sensitive’ or ‘special categories’ of personal information that we collect include: your dietary requirements (for example, where we would like to provide you with lunch during a meeting); your health (for example, so that we can make reasonable accommodations for you in our buildings); your sexual orientation (for example, if you provide us with details of your spouse or partner); and any criminal convictions that you may have (for example, if this information is collected as part of ‘know your client’ and anti-money laundering checks that we must conduct before accepting you or your employer as a client).

In some rare circumstances, we will also gather other ‘special categories’ of personal information about you because you volunteer that data to us (for example, it appears in a copy of your resume/CV that you upload to our Website). In some other circumstances, the personal information we collect from you is needed to meet our legal or regulatory obligations or to provide you with the products or services requested by you or our client (who may be your employer). If so, we will indicate to you that the provision of this information is mandatory, and the consequences if we cannot collect this information.

In some cases, we will also collect personal information about you indirectly from third parties such as: (i) your employer where we provide it with products or services; (ii) third parties such as providers of ‘know your client’ and anti-money laundering services which we sometimes use to help us meet our legal requirements in this area and to help us verify your identity where we provide you or your employer with products or services; (iii) intermediaries (such as independent financial advisers); (iv) background check providers which we sometimes use to verify your identity when you apply for a job through our Website; (v) third party service providers that help us to operate our Website; and (vi) from publicly available sources such as business and employment oriented social networking services and jobs boards.

How we use information about you

Use of personal information to provide products and services

We will use your personal information to provide you or our client with products or services. As part of this, we may use your personal information in the course of correspondence relating to those products or services. Such correspondence may be with you, our client, other members of the BlackRock Group, our service providers or public or judicial authorities with the necessary authorisation.

In many cases, we also use your personal information to conduct due diligence checks in advance of providing products or services to you or our client, and to process an application from you or a prospective client to receive products or services from us. If you are referred to us by an intermediary or similar third party, we also typically use your personal information to assess whether to accept or reject your referral to BlackRock by that intermediary or similar third party.

Because we provide a wide range of products and services to our clients, the way in which we use personal information in relation to our products and services varies. For example, we use personal information about you when:

• you use our risk management platform, Aladdin• we provide you or your employer with an insurance product or service• you or your employer engage us to provide investment management or similar services • you privately invest in a fund product managed by a member of the BlackRock Group• you engage a member of the BlackRock Group to provide investment management services• you provide us with your personal information via email or a web form.

• to manage and improve any services provided via our Website• to manage and improve our Website (including by drawing up statistics on the usage of our Website)• to tailor content of our Website to provide you with a more personalised experience and draw your attention to information about products and services that may be of interest to you• to manage and respond to any request that you submit through our Website• to help us learn more about you, the products and services that you or your employer receive from BlackRock, and other products and services that you or your employer might be interested in receiving• to correspond with you in relation to services you use on our Website or information you provide via our Website. This correspondence is usually with you, other members of the BlackRock Group, our service providers, or public or judicial authorities with the necessary authorisation.

Use of personal information for other activities that form part of the operation of our business

We generally also use your personal information collected via this Website for the purposes of, or in connection with:• applicable legal or regulatory requirements• requests and communications from public or judicial authorities with the necessary authorisation• financial accounting, invoicing and risk analysis purposes• prudent operational management (including credit and risk management, insurance, audit, training and similar administrative purposes)• client relationship purposes, which involve: (i) sending you BlackRock thought leadership or details of BlackRock products and services that we think might be of interest to you or your employer; (ii) contacting you to receive feedback on BlackRock products or services; and (iii) contacting you for other marketing or research purposes• recruitment and business development purposes• services we receive from our professional advisors, such as lawyers, accountants and consultants• arrangements we have in place with intermediaries, brokers and other individuals and entities that partner with us• considering, and entering into, any transaction involving part or all of the business or assets of the BlackRock Group• protecting our rights and those of our clients• meeting our corporate and social responsibilities.

The legal grounds we rely on for processing personal information

We are required by law to set out in this Privacy Policy the legal grounds on which we rely in order to process your personal information.

We generally use your personal information for the purposes outlined above because: (a) it is necessary for our legitimate interests and does not unduly affect your interests or fundamental rights and freedoms (see below); (b) it is necessary for legal and/or regulatory obligations or requests that we are subject to, such as keeping records for tax purposes or providing information to a public body or law enforcement agency; (c) it is necessary to perform contractual obligations that we owe towards you or our client, or to take pre-contractual steps at the request of you or our client; (d) it is necessary for the performance of a task carried out in the public interest (such as assisting with diversity in the workplace where you make contact through our Website in relation to job opportunities at BlackRock); or (e) in some cases, we have obtained your prior consent.

Examples of the ‘legitimate interests’ referenced above are: (i) to benefit from cost-effective services (for example, we may opt to use certain IT platforms offered by our service providers); (ii) to assess and verify any job application that you submit through the Website; (iii) to prevent fraud or criminal activity, misuses of our products and services, as well as the security of our IT systems, architecture and networks; (iv) to exercise our rights under Articles 16 and 17 of the Charter of Fundamental Rights of the European Union, including our freedom to conduct a business and right to property; and (v) to meet our corporate and social responsibility objectives.

To the extent that we process any sensitive personal information relating to you for any of the purposes outlined above, we will do so because either: (1) you have given us your explicit consent to process that information; (2) the processing is necessary for reasons of substantial public interest on the basis of applicable law (for example where we are required by law or regulatory requirements to process that information in order to ensure we meet our ‘know your client’ and ‘anti money laundering’ obligations); (3) the processing is necessary to carry out our obligations under employment, social security or social protection law; or (4) the processing is necessary for the establishment, exercise or defense of legal claims. The legal grounds for processing sensitive personal information outlined above at (1) to (4) appear at Articles 9(2)(a), 9(2)(g), 9(2)(b) and 9(2)(f) of the EU’s General Data Protection Regulation respectively.

Where we are legally required to obtain your explicit consent to provide you with certain marketing materials, we will only provide you with such marketing materials where we have obtained such consent from you.

If you do not want to continue receiving any marketing materials from us, you can click on the unsubscribe function in the communication or e-mailgroupprivacy@blackrock.comat any time.

To whom we disclose your information

In connection with one or more of the purposes outlined in the “How we use information about you” section above, we generally disclose details about you to: other members of the BlackRock Group; professional advisors and third parties that provide services to us and/or other members of the BlackRock Group (such as IT systems providers, platform providers, financial advisors, consultants (including lawyers and accountants), providers of HR and recruitment services and other goods and services providers (such as providers of marketing services where we are permitted to disclose your personal information to them); intermediaries, brokers, and other individuals and entities that partner with us; competent authorities (including any national and/or international regulatory or enforcement body or court or other form of tribunal, where we (or any other member of the BlackRock Group) are required to do so by applicable law or regulation at their request); a potential buyer, transferee, merger partner or seller and their advisers in connection with an actual or potential transfer or merger of part or all of BlackRock’s business or assets, or any associated rights or interests, or to acquire a business or enter into a merger with it; credit reference agencies or other organizations that help us detect criminal activity and incidence of fraud; and any central or local government department and other statutory or public bodies.

If you are an individual in the European Union, please note that some of the recipients of your personal information referenced above will be based in countries outside of the European Union whose laws may not provide the same level of data protection. Those countries typically include: the United States, Canada, Singapore, and India. In such cases, BlackRock will ensure that there are adequate safeguards in place to protect your personal information that comply with our legal obligations. To ensure this level of protection for your personal information, BlackRock typically uses a data transfer agreement with the recipient based on standard contractual clauses approved by the European Commission. A copy of these clauses is available here:http://ec.europa.eu/justice/data-protection/international-transfers/transfer/index_en.htm. Further details of the transfers of your personal information outside of the European Union and the adequate safeguards used by BlackRock in respect of such transfers (including copies of relevant agreements) are available from us by contactinggroupprivacy@blackrock.com. You can also use this e-mail address to request further information about the entities that comprise the BlackRock Group and the countries in which they operate.

How long we keep your personal information

We will hold your personal information on BlackRock’s systems for as long as is necessary to fulfil the purpose for which it was collected or to comply with legal, regulatory or internal policy requirements.

Protection of your personal information

We use a range of physical, electronic and managerial measures to ensure that we keep your personal information secure, accurate and up to date. These measures include:

Although we use appropriate security measures once we have received your personal information, the transmission of data over the internet (including by e-mail) is never completely secure. We endeavour to protect personal information, but we cannot guarantee the security of data transmitted to us or by us.

Your rights and how to contact us

You have various rights in relation to your personal information. In particular, you have a right to:• object to the processing or your personal information• request a copy of personal information we hold about you• ask that we update the personal information we hold about you, or correct such personal information that you think is incorrect or incomplete• ask that we delete personal information that we hold about you, or restrict the way in which we use such personal information• withdraw consent to our processing of your personal information (to the extent such processing is based on consent).

To exercise any of your rights, or if you have any other questions about our use of your personal information, please e-mailgroupprivacy@blackrock.com or write to BlackRock’s Global Privacy and Data Protection Officer at 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom. You may also use these contact details if you wish to make a complaint to us relating to your privacy.

If you are unhappy with the way we handled your personal information or any privacy query or request that you have raised with us, you also have a right to complain to a data protection regulator in the place where you live or work, or in the place where you think an issue in relation to your data has arisen. A list of national data protection regulators can be found here:http://ec.europa.eu/justice/dataprotection/bodies/authorities/index_en.htm.

Changes to this privacy statement

We may modify or amend this privacy statement from time to time.

Any future changes or additions to the processing of your personal data as described in this notice affecting you will be communicated to you through an appropriate channel, depending on how we normally communicate with you.

Cookies Policy

What are cookies?

Cookies are small text files that are stored in your computer’s memory and hard drive, in your mobile device or tablet when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website, or other third parties which receive data obtained from that website.

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience.

Why do we use cookies?

Cookies help us to provide customised services and information. We use cookies on our Website to tell us, in general terms, how and when pages on our Website are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Website is functioning properly. Depending on their purpose, some cookies will only operate for the length of a single browsing session, whilst others have a longer life span to ensure that they fulfil their longer-term purposes (as explained in more detail below). Please note that, however long the cookies’ active life may be, you can delete cookies (and therefore stop any further data collection by them) as further described below.

If you are using one of our password-protected sites, then the Website may use cookies or other technology to help us authenticate you, store and recognise your configuration and user attributes, facilitate your navigation of the website and customise its content so that the information made available is likely to be of more interest to you.

In broad terms, we use cookies on our Website for the following purposes:•Analytical purposes: Analytical cookies allow us to recognise, measure and track visitors to our Website and compile a record of this usage information. This helps us to improve and develop the way our Website works, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.•Usage preferences: Some of the cookies on our Website are activated when visitors to our sites make a choice about their usage of the site. Our Website then ‘remembers’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.•Terms and conditions: We use cookies on our Website in order to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Website. This helps to improve the user’s experience of the site – for example, it aids in avoiding a situation where a user is asked repeatedly to consent to the same terms. We also track whether a user has seen other similar documents (such as an online survey) before – again, to ensure that a user’s experience of our Website is a smooth one.•Session management: The software that runs our Website uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, to authenticate users, and to determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.•Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.•Advertising: Advertising cookies allow us (or third parties) to monitor the behaviour of users of our Website. This information is used to ensure that products and services highlighted to those individuals are targeted in a focused and relevant manner – e.g. through advertisements on BlackRock websites or through advertisements on third party websites (e.g., Bloomberg, Agefi.com, Handlesblatt.de, etc) which are based on your experience with our Website; or to monitor the effectiveness of those digital marketing campaigns. We also monitor whether the adverts displayed on our Website are of interest to users and retain this information to ensure that adverts seen by users of our Website over a period of time are appropriate.

Please note that third parties may use cookies. The kind of cookies and the consequent data processing carried out by such third parties are regulated by their privacy policies. Please see below for more information about third party cookies.

Your cookie preferences

Cookies are necessary in order for you to be able to make full use of BlackRock’s Website. In addition, cookies help us provide you with personalised features on our Website. If you chose to disable cookies, some of BlackRock’s Website’s functionality might be impaired.

Local Flash Storage

On certain pages of our Website, we include content designed for display using Adobe Flash Player, such as animations, videos and tools. Local flash storage (often referred to as “Flash cookies”) can be used to help improve your experience as a user. Flash storage is retained on your device in much the same way as standard cookies, but is managed directly by your Flash software.

If you wish to disable or delete information stored locally in Flash, please see the documentation for your Flash software, located atwww.adobe.com. Please note that, if you disable Flash cookies, some site functionality may not work.

Third party cookies

When you visit our Website, you may receive cookies that are set by third parties. These may include cookies set by Google, Bizo, LinkedIn, AppNexus, Xaxis, MediaMind and/or Rocketfuel. These cookies are used for the purposes described in the “Why Do We Use Cookies?” section of this policy. We do not control the setting of these third party cookies, so we suggest you might wish to check the third party websites for more information about their use of cookies and how to manage them.

If you wish to remove cookies set by our Website from your browser in the future, you may delete them. The instructions for removing cookies from your computer or mobile device depend on the operating system and web browser you use. Please note, however, that withdrawing your agreement to the use of cookies on our sites will impair the functionality of the sites.

The site www.allaboutcookies.org includes instructions for managing cookies on many commonly used browses, or you may consult the vendor documentation for your specific software.

Further information about cookies

If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.